A mortgage range unveiled by Keystone will help landlords struggling to get finance in the buy-to-let market, the group commercial director of Lancashire Mortgage Corporation has said.
Marc Goldberg said: “The products are aimed at both individual and corporate landlords who have failed to qualify for a buy-to-let mortgage but who require a more cost-effective, progressive solution than bridging.
“Crucially, the range provides a medium-term solution for landlords who are currently struggling to get finance now but will be in a position to refinance or repay in three years’ time.”
Key Features
■ Keystone’s ‘solutions range’ is a suite of medium term loans, funded by Lancashire Mortgage Corporation
■ Rates start from 8.49 per cent for individuals and 8.99 per cent for limited companies with higher rates applied to borrowers with more untidy credit profiles.
■ Loans are available from 55 to 70 per cent loan-to-value borrowing.
■ Fees include a £199 assessment fee and a facility fee of 3 per cent of the loan amount as well as valuation and legal fees.
Adviser verdict
Mark Dyason, director at Edinburgh Mortgage Advice, said: “It sounds like they are looking for someone with bundles of equity but who has not paid the bills. It maybe a headline grabber where they dip their toe in the water and see how people react. But it’s good to see the innovation and people creating niches.”
